Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Profit flow through from far higher net interest income is meager</li>
<li>Credit costs moving from reversals to high figures is a key reason</li>
<li>Surging quarterly credit costs stand in stark contrast to peers</li>
</ul>


Profit flow through from far higher net interest income is meager
Credit costs moving from reversals to high figures is a key reason
Surging quarterly credit costs stand in stark contrast to peers


SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>The STI gained 5.4% over the past fortnight, recovering half of the declines posted between 13 Sep and 21 Oct.</li><li>This has brought the STI’s 2022-to-date total return to 4%, which compares to an 18% decline for the FTSE Developed Index and 21% decline for the FTSE Asia Pacific Index.</li><li>UOB was among the most defensive STI stocks between 13 Sep and 21 Oct, in addition to YZJ Shipbuilding, Genting SG, DBS, Emperador.</li></ul>

The STI gained 5.4% over the past fortnight, recovering half of the declines posted between 13 Sep and 21 Oct.This has brought the STI’s 2022-to-date total return to 4%, which compares to an 18% decline for the FTSE Developed Index and 21% decline for the FTSE Asia Pacific Index.UOB was among the most defensive STI stocks between 13 Sep and 21 Oct, in addition to YZJ Shipbuilding, Genting SG, DBS, Emperador.

Wilmar, Sembcorp Ind & Keppel DC REIT Led STI’s 2-Week 5% Partial Rebound 

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front,  a number of companies in India have launched thier IPOs recently, even as HK and rest of Asia remains dormant.</li>
<li>The only notable placement this week was the selldown in <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> by Bain Capital.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front,  a number of companies in India have launched thier IPOs recently, even as HK and rest of Asia remains dormant.
The only notable placement this week was the selldown in Axis Bank Ltd (AXSB IN) by Bain Capital.


ECM Weekly (6th Nov 2022) - Giant Biogene, Blibli, Betagro, Bionote, Fusion, Medanta, Bikaji, Axis

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Further to Asian AT1s part I – Our picks on Chinese G-SIBs AT1s on 12 Oct’22, we turned our focus to AT1s in developed markets (DM) in Asia, i.e. Hong Kong, Singapore, South Korea, and Australia.</li><li>Our picks in this space are DBSSP 3.3 PERP, UOBSP 3.875 PERP, and SHINFN 5.875 PERP in view of their more balanced risk and return profile, as well as shorter tenor.</li><li>These AT1s also offer quite competitive yield pick-up (418-1255bps) over their senior bonds recently.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Further to Asian AT1s part I – Our picks on Chinese G-SIBs AT1s on 12 Oct’22, we turned our focus to AT1s in developed markets (DM) in Asia, i.e. Hong Kong, Singapore, South Korea, and Australia.Our picks in this space are DBSSP 3.3 PERP, UOBSP 3.875 PERP, and SHINFN 5.875 PERP in view of their more balanced risk and return profile, as well as shorter tenor.These AT1s also offer quite competitive yield pick-up (418-1255bps) over their senior bonds recently.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>FOR the trading sessions that spanned Oct 21 to 27, the Straits Times Index (STI) declined 0.3 per cent, with the Hang Seng Index falling 6.1 per cent and the FTSE Bursa Malaysia KLCI gaining 0.5 per cent.</li><li>Overall, institutions were net sellers of Singapore stocks for the four sessions ended Oct 27, with just over S$100 million of net outflows, following the S$40 million of net outflows for the preceding five sessions.</li><li>Yangzijiang Financial Holding led the four-session buyback consideration tally, purchasing 7.5 million shares at an average price of 33.9 cents per share.</li></ul>

FOR the trading sessions that spanned Oct 21 to 27, the Straits Times Index (STI) declined 0.3 per cent, with the Hang Seng Index falling 6.1 per cent and the FTSE Bursa Malaysia KLCI gaining 0.5 per cent.Overall, institutions were net sellers of Singapore stocks for the four sessions ended Oct 27, with just over S$100 million of net outflows, following the S$40 million of net outflows for the preceding five sessions.Yangzijiang Financial Holding led the four-session buyback consideration tally, purchasing 7.5 million shares at an average price of 33.9 cents per share.

CEO of Sabana Industrial Reit’s manager adds to his stake in the Reit

Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

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UOB (UOB SP)

DBS - Limited Net Flow Through

DBS saw its credit costs in 3Q22 surge to a level that is more than the past 6 quarters, combined. This is highly unusual, and not what we see with...

Daniel Tabbush

Wilmar, Sembcorp Ind & Keppel DC REIT Led STI’s 2-Week 5% Partial Rebound

The STI gained 5.4% over the past fortnight, recovering half of the declines posted between 13 Sep and 21 Oct. This has brought the STI’s...

Singapore Exchange Ltd (SGX)

ECM Weekly (6th Nov 2022) - Giant Biogene, Blibli, Betagro, Bionote, Fusion, Medanta, Bikaji, Axis

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Asian AT1s Part II – Picks on DM AT1s

Our picks in this space are DBSSP 3.3 PERP, UOBSP 3.875 PERP, and SHINFN 5.875 PERP in view of their more balanced risk and return profile, as well...

CMB International

CEO of Sabana Industrial Reit’s manager adds to his stake in the Reit

FOR the trading sessions that spanned Oct 21 to 27, the Straits Times Index (STI) declined 0.3 per cent, with the Hang Seng Index falling 6.1 per...

Singapore Exchange Ltd (SGX)

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